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keithcham1
Level 1
April 3, 2022
Question

If the partnership is a retirement plan (IRA/SEP/Keogh)

  • April 3, 2022
  • 1 reply
  • 9 views

I am getting an error message stating that because the partnership is a retirement plan i need to delete the K-1 (1065).  I am not understanding why if it doesn't go here where should the k-1 be entered.

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1 reply

sjrcpa
sjrcpa
Level 15
April 4, 2022

If your individual 1040 gave you a K-1 belonging to his IRA it does not get reported on his 1040.

The interest, dividends, capital gains in the IRA account don't get reported on the 1040 either, right?.

The IRA may have to file a 990-T for unrelated business income form the K-1. That is the IRA custodian's responsibility.

The more I know the more I don’t know.
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